First Bank's (FRBA) Neutral Rating Reiterated at DA Davidson

Key Points

• DA Davidson reiterated a Neutral rating with a $17.00 price target (≈7.4% upside); Weiss Ratings reaffirmed a "Buy (b)" while the consensus rating is "Hold" with a $17.00 target.
• Shares fell 5.4% to $15.83 after First Bank reported Q1 results that missed expectations, with EPS of $0.30 versus $0.47 expected and revenue slightly below estimates.
• First Bank has a market cap of about $397M and a PE of 9.08, with roughly 64.9% of the stock owned by institutional investors amid recent buying by several funds.

First Bank (NASDAQ:FRBA - Get Free Report)'s stock had its "neutral" rating restated by DA Davidson in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $17.00 price objective on the bank's stock. DA Davidson's price objective points to a potential upside of 7.38% from the stock's current price.

Separately, Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Bank in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, First Bank has an average rating of "Hold" and a consensus target price of $17.00.

First Bank Stock Down 5.4%

NASDAQ:FRBA traded down $0.91 on Tuesday, hitting $15.83. 57,249 shares of the company's stock traded hands, compared to its average volume of 61,781. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.61. First Bank has a 1 year low of $14.12 and a 1 year high of $18.11. The firm has a 50-day moving average price of $16.20 and a 200-day moving average price of $16.28. The company has a market cap of $397.36 million, a PE ratio of 9.08 and a beta of 0.65.

First Bank (NASDAQ:FRBA - Get Free Report) last released its earnings results on Monday, April 27th. The bank reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.17). First Bank had a net margin of 17.76% and a return on equity of 10.20%. The business had revenue of $36.39 million for the quarter, compared to analysts' expectations of $36.97 million. Equities analysts anticipate that First Bank will post 1.98 EPS for the current fiscal year.

Institutional Investors Weigh In On First Bank

Institutional investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC lifted its holdings in shares of First Bank by 117.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,654 shares of the bank's stock valued at $41,000 after buying an additional 1,433 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of First Bank by 118.3% during the 3rd quarter. New York State Common Retirement Fund now owns 2,952 shares of the bank's stock valued at $48,000 after buying an additional 1,600 shares during the last quarter. CWM LLC lifted its holdings in shares of First Bank by 91.8% during the 3rd quarter. CWM LLC now owns 3,421 shares of the bank's stock valued at $56,000 after buying an additional 1,637 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of First Bank by 21.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,620 shares of the bank's stock valued at $71,000 after buying an additional 825 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in shares of First Bank during the 2nd quarter valued at about $154,000. 64.86% of the stock is currently owned by institutional investors and hedge funds.

About First Bank

First Bank provides various banking products and services to small to mid-sized businesses and individuals. The company accepts various deposits, including non-interest-bearing demand deposits, interest bearing demand accounts, money market accounts, savings accounts, and certificates of deposit, as well as commercial checking accounts. It also offers various loan products comprising commercial and industrial loans, which include line of credit, inventory, equipment, and short-term working capital financing; commercial real estate loans, such as owner-occupied, investor, construction and development, and multi-family loans; residential real estate loans comprising residential mortgages, first and second lien home equity loans, and revolving lines of credit; and consumer and other loans consists of auto, personal, traditional installment, and other loans.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.